Pier 70 IFD & IRFD Request Recommendation Capital Planning Committee 11.13.17
Project Overview under SUD • Open Space : 9 acres • Retail, Arts + Light Industrial: 480,000–486,000 gsf • Commercial Office: 1.1M – 1.75M gsf • Residential: 1,645 – 3, 025 units 2
Public Benefits Sea Level Rise Transportation Affordable Housing Protections Improvements Economic Access & Retail, Arts & Light Parks & Open Space Diversity Industrial Noonan Tenants/ Community Historic Rehab Facilities Arts Building 3
$260.5 M of Infrastructure Improvements Phase 1 • $140 million Phase 2 • $74 million Phase 3 • $46 million 4
IFD - Tax Increment Growth IFD • Local & state tax increment • 92% to 28-Acre facilities • 8% to other Pier 70 needs; Port and BOS decide allocation later • After Project needs, to fund seawall & sea level rise • General Fund and Harbor Fund protected IRFD Infrastructure Infrastructure Revitalization • Affordable housing Financing District Financing District • Remainder to General Fund 5
IFP Subdistricts G-2, G-3, G-4 (Port IFD #2) Improvements Total $260.5 million Infrastructure Pier 70 SUD Improvements Other Pier 70 Funding for Other Pier 70 Improvements is estimated at $24 million, which is less than the total cost of eligible projects. 6
IFP Subdistricts G-2, G-3, G-4 (Port IFD #2) 7
470+ Units of Affordable Housing - IRFD 20% inclusionary units in rental buildings Three 100% affordable housing parcels Generates gap funding for affordable housing: Tax increment from • Hoedown Yard Jobs Housing Linkage • Fees from office development In lieu fees from condo • projects Condominium – 100% Affordable 20% Inclusionary 28% In Lieu Fee 8
IFP IRFD #2 (Hoedown Yard) 9
Project Produces Net Fiscal Benefits to the General Fund Fiscal Benefits Economic Port Financial Public Access Other Public Benefits Benefits Facilities Benefits • $8M new annual • $2B construction • $178M from • Parks and • Urban revenues to activity development Open Space Revitalization General • 17k construction and ongoing • Pedestrian • Historic Fund jobs leasing Connections Preservation • 11.4k new (2017$) • CFD • Bicycle • Affordable permanent jobs Maintenance Networks Housing • 2k new Taxes $2.5 • Sea Level Rise residential units annually Protections • $184M Impact Fees 10
Legislation Establishing Districts & Authorizing Bond Issuance IRFD IFD Resolution calling special election for City and County of Ordinance establishing Sub-Project Area G-2, San Francisco Infrastructure and Revitalization Financing Sub-Project Area G-3 and Sub-Project Area G-4 District No. 2 (Hoedown Yard) of City and County of San Francisco Infrastructure Financing District No. 2 (Port of San Resolution proposing adoption of infrastructure financing Francisco) plan and formation of City and County of San Francisco Infrastructure and Revitalization Financing District No. 2 Resolution Authorizing Issuance of Bonds - Not to (Hoedown Yard); and providing for future annexation Exceed $273,900,000, $196,100,000 and $323,300,000 for Sub-Project Area G-2, Sub- Resolution approving infrastructure financing plan for City Project Area G-3 and Sub-Project Area G-4, and County of San Francisco Infrastructure and respectively, of City and County of San Francisco Revitalization Financing District No. 2 (Hoedown Yard) Infrastructure Financing District No. 2 (Port of San Francisco) Resolution declaring results of special elections for City and County of San Francisco Infrastructure and Revitalization Financing District No. 2 (Hoedown Yard) The steps to form the Ordinance creating City and County of San Francisco Infrastructure and Revitalization Financing District No. 2 IRFD are more involved (Hoedown Yard) and adopting an Infrastructure Financing Plan for such district due to the need for a Resolution authorizing issuance of bonds for City and landowner election. PG&E County of San Francisco Infrastructure and Revitalization owns the Hoedown Yard. Financing District No. 2 (Hoedown Yard) therein in an aggregate principal amount not to exceed $91.9 million 11
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